Fast Retailing Reports 12% Drop In Full-Year Net Profit

Fast Retailing Co FRCOY reported a 12% decline in group net profit for the year ended August. Fast Retailing's net profit for the period declined to Y54.35 billion, from Y61.68 billion, in the year-ago period. Its revenue climbed 0.7% to Y820.35 billion from Y814.81 billion. Its operating profit dropped 12% to Y116.37 billion. For the current business year ending August 2012, Fast Retailing projects a 31% rise in net profit, a 16% gain in operating profit and an 18% surge in revenue. Fast Retailing shares gained 1.09% to $17.68 in after-hours trading.